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Investissement financier, investissement physique et désendettement des firmes : y a-t-il un arbitrage ? Une étude sur données de panel du comportement des entreprises industrielles de 1979 à 1986

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  • Anne Épaulard
  • Daniel Szpiro

Abstract

[fre] Physical investment, financial investment and debt : is there a trade off ? An analysis based on a panel of industrial firms, 1983-1986. . In order to assess if physical investment is crowded out by financial investment, a portfolio model is estimated on a panel of French firms. On the whole, returns on assets cannot explain much. But in the short run, an increase in wealth is primarily used to get rid of debt, and in a lesser respect to buy financial assets. The estimation of the model, firm by firm, shows that only half of the population seems to act according to a portfolio choice. Amongst these firms, only a small proportion substitute financial to physical assets. A simple investment function also concludes that there is no crowding out. [eng] Physical investment, financial investment and debt : is there a trade off ? An analysis based on a panel of industrial firms, 1983-1986. . In order to assess if physical investment is crowded out by financial investment, a portfolio model is estimated on a panel of French firms. On the whole, returns on assets cannot explain much. But in the short run, an increase in wealth is primarily used to get rid of debt, and in a lesser respect to buy financial assets. The estimation of the model, firm by firm, shows that only half of the population seems to act according to a portfolio choice. Amongst these firms, only a small proportion substitute financial to physical assets. A simple investment function also concludes that there is no crowding out.

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Bibliographic Info

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 42 (1991)
Issue (Month): 4 ()
Pages: 701-732

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Handle: RePEc:prs:reveco:reco_0035-2764_1991_num_42_4_409301

Note: DOI:10.2307/3502092
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

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Cited by:
  1. Bernard Paranque, 1995. "Financement, investissement et performances des entreprises industrielles françaises," Finance 9508001, EconWPA, revised 18 Aug 1995.

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